Home, auto rate increases in 2023 “highest…seen in years.”
January 26, 2024 by David GambrillCanadian auto insurance rates increased 10% in 2023 compared to 2022, and similarly home insurance rates saw an increase as well — up 6.6% last year, according to the latest release of the Applied Rating Index. “The close of 2023…
Can higher lodging costs cut restoration losses?
January 12, 2024 Philip PoradoInsurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%…
What the short-term rental crackdown means for home insurance
December 15, 2023 by David GambrillWith the federal government cracking down on short-term rentals, property and casualty insurance providers are urging clients who rent their properties short-term to contact them to verify whether or not they are covered for property damage or liability for third-party…
Where Ontario’s 2022 fire-related deaths ranked
January 13, 2023 Philip PoradoOntario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020…
Flood policy education: What brokers are up against
November 30, 2022 by David GambrillHalf of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water…
Where home insurance premiums are trending upwards in 2022
July 8, 2022 by Jason ContantLaSalle, Ont., has the highest home insurance premiums in the province right now, whereas Ajax, Ont., offers the least expensive home insurance premiums, according to the latest data from rate comparison site RatesDotCa. On average, home insurance premiums in Ontario…
Sewer back-up or overland flood? Is a sun deck “within” a dwelling?
June 17, 2022 by David GambrillA sewer backup insurance policy only applies to a flood originating from “within” a dwelling and not from a drain overflow on a sun deck partially exposed to the outdoors, B.C.’s Supreme Court has ruled. In Gill v Wawanesa Mutual…
What IBC likes and dislikes about removing sales tax on home insurance
April 14, 2022 by Jason ContantInsurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government…
Are your clients telling you about their tenants?
March 11, 2022 by Jason ContantIf your client has rented out part of their home, there’s nearly the same likelihood that they’ve told their insurer as not, according to a recent survey from RatesDotCa and BNN Bloomberg. The survey of 1,511 Canadians found that 42%…
Where Intact CEO sees personal home rates heading
February 7, 2022 by Jason ContantPersonal home insurance will continue to face a firm pricing environment for the foreseeable future, the CEO of Intact Financial Corporation said at a recent virtual conference. “You can expect a firm pricing environment, mid- to upper-single-digit range for the…
Onlia names two new executives
January 28, 2022 Canadian Underwriter StaffDigital auto and home insurance provider Onlia appointed Lambert Morvan as its new CEO and named Fleur Dujardin president effective Jan. 1, the company said. The two executives succeed Pieter Louter, who started the company. Louter is returning to Achmea in the Netherlands. “We…
Why home insurance rates are rising in 2022
January 17, 2022 by Alyssa DiSabatinoHome insurance policyholders can expect an average 5% rate increase in 2022, according to a report from RatesDotCa. The average cost for home insurance in Ontario in 2021 was $1,342, per RatesDotCa. A 5% increase would translate into a…